It’s a much lower amount than previously expected.

California-headquartered electric vehicle maker Tesla revealed in a filing with the Securities and Exchange Commission that its subsidiary in Shanghai has entered into an agreement with Chinese banks for a syndication loan of RMB 3.5 billion (US$521 million), an amount that is much lower than the previously reported US$ 2 billion.

The lenders include China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank.

The proceeds may be used only for expenditures related to the construction of Tesla’s Gigafactory 3 in Shanghai and production at the facility, said the automaker.